Senate body stresses for modernization of trade mechanism to enhance exports

ISLAMABAD: Senate Standing Committee on Commerce and Textile on Tuesday stressed the need for modernization of trade mechanism and introduction of  best international practices for  enhancing the country's exports.

The committee meeting was chaired by Senator Syed Shibli Faraz here at Parliament Lodges.

Chairman Committee urged to ministry of commerce to take steps to bring in new trends in industries and exports after the emergence of fourth industrial revolution.

The committee asked for a briefing on National Tariff Commission (NTC) in the next meeting to review the performance of the institution.

In the meeting, Senator Shibli Faraz said visionary policies were needed for increasing the country's exports in coming years.

"We need to observe situation for ensuring long term policies in this regard," he added.

Replying to question, he said that positive developments were taking place in the second phase of negotiations for FTA with China.

In meeting, Secretary Commerce, Muhammad Younas Dhaga said that priority of the government was to introduce the best modern practices in the country's trade and export.

He informed the committee that ministry of commerce had planned to evolve online data on trade with collaboration of State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) and the project would be executed by December 2017.

Secretary Commerce said that Expo center would be established in Peshawar, Islamabad and Quetta, adding that budget was allocated in this regard.

Senators Saleem Mandviwala, Ilyas Ahmad Bilour and Mufti Abdul Sattar and officials of Ministry of Commerce attended the meeting.